The decline in physical music sales in Argentina has sharpened, with labels body CAPIF reporting a decrease from 6.3 million units in the period between January and May 2008 to just below 4.3 million units during the same period this year.

Physical music sales in Argentina fell 12% in 2008, ending a five-year rebound from the country's financial crisis earlier in the decade, according to CAPIF.

A report by consulting and research group Music Ally attributes the accelerated downturn to the global economic crisis and a reduction in purchasing power by Argentine consumers--who have cheaper pirated options aplenty. It also notes that, when a decline in local currency value is taken into account, the retail value of physical music declined by half during the period.

The latest CAPIF market figures can be found here.